Holy $%@#^$%#@%$#%$#@: 15 year conforming at 2.476%/ 30year at 3.181%apr

[CAwireman]

We’re in the process of completing a Refi to 3.5 %.
We were at 4.25% on the original loan when we bought in 2011.
Will save us about $225 per month give or take.

With the rates Flu found we’re in disbelief.

I guess we’ll probably have at least one more refi to go after this one…

[Coronita]

[quote=CAwireman]We’re in the process of completing a Refi to 3.5 %.
We were at 4.25% on the original loan when we bought in 2011.
Will save us about $225 per month give or take.

With the rates Flu found we’re in disbelief.

I guess we’ll probably have at least one more refi to go after this one…[/quote]

So caveat. This lender I’m using has a closing cost of about $2.5k.. Hence why the apr is slightly more…So if you’re doing a no fee/no points loan, it’s not that much off, because I believe if you really want to do a no fee/no point loan with this lender, their rate is slightly higher (.25%)…

I’ll call and double check..

However, please note that usually this place is the most aggressive when it comes to lower rates. Usually, if rates hold low, I see other lenders follow suit afterwards…

[Coronita]

just call the loan broker at AFCU…

I guess new program…

If you want to go with an absolutely no closing cost, you pay .25% higher…So

For a 30year conforming that would be 3.375%
For a 15year conforming that would be 2.625%

So like I said, absolutemortgageco, has pretty comparable rates. Absolute is actually cheaper.

They have a 3.375 with a closing credit of $1000 (less $550 for appraisal you need to pay out of pocket)

[UCGal]

[quote=flu]
who knows…If you do a no cost loan, no big deal if it does..[/quote]

Not everyone qualifies for a no cost loan.
If your balance is low, they will hardly talk to you.
Closing costs are what are keeping me in my 4.25 rate. It’s a 15 year loan that I refi’d into in 2009. We’re on track, with extra principal payments, to get it paid off in 2015.

No “no-cost” loans available to us and our timeline is so short the net few hundred (TOTAL) we’d save in interest based on our payoff schedule isn’t worth the hassle of applying.

[Coronita]

[quote=UCGal][quote=flu]
who knows…If you do a no cost loan, no big deal if it does..[/quote]

Not everyone qualifies for a no cost loan.
If your balance is low, they will hardly talk to you.
Closing costs are what are keeping me in my 4.25 rate. It’s a 15 year loan that I refi’d into in 2009. We’re on track, with extra principal payments, to get it paid off in 2015.

No “no-cost” loans available to us and our timeline is so short the net few hundred (TOTAL) we’d save in interest based on our payoff schedule isn’t worth the hassle of applying.[/quote]

if you’re loan balance is low or if you’re close to payoff, then refinancing probably isn’t going to make sense…. unless you plan on doing something with the money…

That said, “loan balance low” in my encounters means < $100k-$150k...You can still find lenders who will lend. But I think some of them will tack on a surcharge, .25%.

[paramount]

I’m looking at a refi through wells fargo @ 3.875% fixed FHA streamline.

The refi will add about $4000 to the balance, and I calculate a 38.1 month payoff period.

I am currently at 4.5%.

Sounds like I should still hold off?

[CardiffBaseball]

Yikes I see Navy Fed at 3.25 for VA? I don’t qualify for membership with them since I didn’t join before getting out but dayyymmm.

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